🗞️ A 600% spike in fake listings on travel platforms

Good morning. If you're the type of person who typically books their flight sitting in seat 1A compared to 36F then this trend might not be for you.

The latest travel trend, called 'raw dogging' (although don't look that up on Urban Dictionary), is seeing people sit silently and stare ahead without any entertainment for the length of the journey.

Even Manchester City star Erling Haaland and British rapper ArrDee have joined in on the act, posting videos of themselves staring intensely into nothingness.

Feels like a trend Jetstar could really get behind...

All the headlines and more below...

AUSTRALIAN NEWS

Scammers target travellers with fake listings on accommodation platforms, including Booking.com

• Scammers are increasingly targeting travellers with fake accommodation listings on platforms like Booking.com and Airbnb, with a ~600% increase in related scams in 2023. LINK

• Australian corporate earnings have exceeded market expectations, driven by lower tax and interest costs. LINK

• Wages growth in Australia appears to have peaked, with the latest data showing an annual increase of 4.1%. LINK

• The government is proceeding with foreign student caps. LINK

• Older workers are expressing frustration with younger colleagues’ challenges to long working hours. LINK

• Long COVID has cost the Australian economy ~$10B in lost labour hours in 2022, equivalent to ~25% of GDP growth for the year. LINK

• Rising risks of extreme weather have caused a sharp increase in insurance premiums in Australia, with more than 150,000 claims made in FY24, nearly 75% more than in FY23. LINK

• Sydney's new metro line between Chatswood and Sydenham began services this morning, with the extension to Bankstown due for completion in 2025. LINK

• A choke in Australia’s gas supply from falling production and declining offshore supplies is making LNG imports increasingly likely. LINK

CHART OF THE DAY

German Carmakers are Struggling in China

GLOBAL NEWS

Billionaires boost ultra-luxury home sales in US

• Ultra-luxury home sales in the US are on pace to set a record, driven by a boom in billionaire wealth and major home purchases. LINK

• Investors are buying up gold stocks in anticipation of the first US interest rate cut, with gold prices hitting a record high of US$2,509.65 per ounce. LINK

• Goldman Sachs has lowered the odds of a US recession in the next 12 months to 20%, down from 25%, following positive jobless claims and retail sales data. LINK

COMPANY NEWS

Suncorp says insurance premiums will continue to rise

• Suncorp has warned that insurance premiums will continue to rise due to higher repair costs from ageing water pipes. LINK

• A2 Milk warned that its revenue growth will fall below investor expectations due to challenges in shipping products. LINK

• Rex Airlines will cut another 73 jobs as it continues its voluntary administration process. LINK

• Lendlease reported a $1.5B annual loss, significantly wider than the previous year, as it exits underperforming international businesses and faces delays in project sales. LINK

• Westpac reported a quarterly net profit of $1.8B and reached a 6-year share price high, driven by improved net interest margins and effective cost management. LINK

• CBA revealed it spends $350M annually to maintain cash services in its branches. LINK

• CBA has stopped lending to fossil fuel companies that are not aligned with the Paris Agreement. LINK

• CBA has made redundancies in its ultra-high-net-worth private wealth division as it prepares to sell that part of the business, which manages $231B in assets. LINK

• GPT Group plans to increase the company’s exposure to higher-yielding property funds management as part of a refreshed strategy. LINK

• Ampol has dialled back its target for EV chargers reflecting delays in grid connections and slower EV growth. LINK

• The AFR’s readership has risen to 3.5M people per month. LINK

• The CFMEU is set to be placed under administration for up to 5 years after a deal was reached between the Labor and Coalition parties. LINK

• PwC is being sued by a British property developer for $12.8M in damages, alleging the firm provided negligent tax advice. LINK

THE ODD PICK

Turkey parliament descends into chaos as dozens of MPs take part in fistfight

TRIVIA

It’s Game Time

Demi Lovato, who began her acting career on Barney & Friends, turns 32 today. Since we have a soft spot for her top song, Sorry Not Sorry, we thought we would dig into some other songs that like to apologise (or not).

Can you name the artist from the song titles below?
1) Sorry Seems to Be the Hardest Word
2) Sorry, Blame It on Me
3) Sorry for Party Rocking
4) Apologise (hint: prominent lyrics are 'too late to apologise')
5) Sorry for Love

Answers below

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ANSWERS

1. Elton John
2. Akon
3. LMFAO
4. Timbaland / One Republic
5. Celine Dion